Internal Code: MAS6287
As prescribed by Quinn and Rubb(2005), the education is among the basic rights of the individuals regardless of the social position, gender, age and ethnic origin. It is generally agreed that the education is important for numerous reasons including the fact that it increases the earning potential of the individuals. Michels et al. (2008) conducted a research to relate the income of salaried persons with respect to their education. Based on primary research conducted, it was found that there is a clear divergence in income with respect to the education level of individuals. Further, it is clarified that the individuals who have attained higher education hold higher positions at offices and their salaries are also found higher accordingly. It is further concluded that the higher salaries are due to the technical and managerial skills carried by the educated people as compared to non-educated. It is the presence of skills that help them earn more as compared to the education itself.
Another study conducted by Lynch et al. (2000) also followed quantitative methods to conduct their study and came up with diverging results as it is found that education is not criteria to judge the income. It is stated based on the fact that there are numerous officers with same degrees but earning differently suggesting that it is the skill set that matters besides the academic degree. Furthermore, another reason behind the divergence in income despite similar degrees is the experience of the individuals as the more experienced individuals definitely earn more as compared to those with lesser experience. It is further explained that in some cases the individuals without a professional degree earn more than those who hold degrees because of their experience and skill set that has been acquired through experience. According to Gregorio and Lee (2002), the education matters when there is a comparison made between the salaried persons as it is found that many business persons who do not even hold a graduate degree earn more than the qualified business persons. It suggests that the correlation between education and income exists when it comes to salaried individuals; however, the correlation may not be sufficient in the case of
business persons (Arthur, Hisrich and Cabrera, 2012).
1) To study why the education is important in the modern era.
2) To analyse the variation in education between the two genders.
3) To evaluate the correlation between the education and earning potential
4) To analyse the relationship between gender education and lifetime income.
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